UBS has written down $19 billion in losses related to U.S. mortgages and structured credit products. It also announced it was raising $15 billion via a rights issue that already was fully subscribed. Meanwhile, Deutsche Bank says it expects a first quarter loss of nearly $4 billion, much of it from writedowns for similar reasons. In some ways, you could say that the worst now is over. But it's not clear that these are close to the final writeoffs. Structured products are going to bounce back soon. European banks have been hit just as hard. 

For more:
- here's the New York Times article

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